In a CNBC.com web-only video discussion with Managing Editor Tyler Mathisen, Kernen says Tuesday's 416 point Dow drop is "rekindling some skepticism" and curbing some of the complacency about risk that investors have been demonstrating.

So far, says Kernen, it "looks like a classic correction" that will give stocks more room to move higher in the future.

In the free-wheeling conversation, Kernen and Mathisen also talk about the relative news value of the Dow versus Anna Nicole Smith and astronauts accused of attempted murder, the wealth of John Kerry's wives and Tyler's tie.

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